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Tax Diary August/September 2017

  • Posted On: 28 July 2017
1 August 2017 - Due date for Corporation Tax due for the year ended 31 October 2016. 19 August 2017 - PAYE and NIC deductions due for month ended 5 August 2017. (If you pay your tax electronically the due date is 22 August 2017) 19 August 2017 -

European Union (Withdrawal) Bill published

  • Posted On: 27 July 2017
European Union (Withdrawal) Bill published The government has published the European Union (Withdrawal) Bill 2017-19 and it has had its first reading in the House of Commons. The second reading is scheduled for 9 September 2017, following which it will enter Committee Stage for further

Credit card transaction charges to be banned

  • Posted On: 26 July 2017
Credit card transaction charges to be banned The EU second Payment Services Directive (PSDII) was approved by the European Parliament and European Council in December 2015 and seeks to widen the scope of the existing EU Payment Service Directive (PSD) that defines the information that consumers

Directors, beware minimum wage legislation

  • Posted On: 26 July 2017
Directors, beware minimum wage legislation We have recently considered some of the issues surrounding various tax efficient strategies for paying director shareholders. One aspect of this complex area that we have not yet examined is whether company directors need to be concerned with

The new State Pension

  • Posted On: 26 July 2017
The new State Pension The new State Pension is payable to those that reach the State Pension age on or after 6 April 2016. The full new State Pension is currently £159.55 per week and is payable to eligible women born on or after 6 April 1953 and eligible men born on or

Who inherits if someone dies without a Will?

  • Posted On: 26 July 2017
Who inherits if someone dies without a Will? The intestacy rules that govern how assets are divided if someone dies without making a will changed from 1 October 2014. The changes do not affect people who die with less than £250,000 in assets but for those that leave more, the changes were

PAYE tax refunds and underpayments

  • Posted On: 26 July 2017
PAYE tax refunds and underpayments HMRC’s annual reconciliation of PAYE for the tax year 2016-17 is well under way. HMRC uses salary and pension information to calculate if the correct amount of tax has been paid. Where the incorrect amount of tax has been paid, HMRC uses the P800

Tax credit renewal final reminder

  • Posted On: 26 July 2017
Tax credit renewal final reminder This coming Monday (31 July) is the last day for families and individuals that receive tax credits to renew their tax credit. As in previous years, there is expected to be a huge last-minute rush and it may be difficult to contact HMRC by phone.

Tax free savings income

  • Posted On: 26 July 2017
Tax free savings income The Personal Savings Allowance (PSA) was launched on 6 April 2016. The allowance means that the first £1,000 interest on savings income for basic rate taxpayers is tax-free. For higher-rate taxpayers the PSA is £500. Anyone earning over £150,000 does

New Finance Bill to be published

  • Posted On: 20 July 2017
New Finance Bill to be published The government has confirmed that a new Finance Bill will be introduced as soon as possible after the summer recess. The House of Commons returns to Westminster on 5 September 2017. In a joint press release from HMRC and HM Treasury we are told